Entity tied to SWZ CEO buys 11,200 shares

Total Return Securities Fund President and CEO Andrew Dakos is linked to recent open-market buying of the fund’s common stock through a limited partnership.

Accepted by SEC EDGAR 03/31/2026 - 04:05 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Total Return Securities Fund President and CEO Andrew Dakos is linked to recent open-market buying of the fund’s common stock through a limited partnership. The partnership bought 5,900 shares at $5.92 per share and 5,300 shares at $5.908 per share, totaling 11,200 shares. These are reported as indirect holdings, with Mr. Dakos disclaiming beneficial ownership except for his pecuniary interest. After these trades, the partnership holds 83,319 shares, while a separate direct holding entry shows 39,453 shares in his name.

Insider Trade Summary

Net Buyer: 11,200 shares

Net Buy 2 txns

Insider Dakos Andrew

Role President and CEO

Bought 11,200 shs ($66K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	5,300	$5.908	$31K
Purchase	Common Stock	5,900	$5.92	$35K
Holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 83,319 shares (Indirect, Limited Partnership); Common Stock — 39,453 shares (Direct)

Footnotes (2)

1. F1. Shares are held by a limited partnership in which Mr. Dakos has a beneficial interest. Mr. Dakos disclaims beneficial interest in such shares except to the extent of any pecuniary interest therein.
2. F2. Represents the weighted average price.

Key Figures

Open-market purchase 1: 5,900 shares at $5.92 Open-market purchase 2: 5,300 shares at $5.908 Indirect holdings after trades: 83,319 shares +2 more

5 metrics

Open-market purchase 1 5,900 shares at $5.92 Common Stock, transaction date 2026-03-27, indirect via limited partnership

Open-market purchase 2 5,300 shares at $5.908 Common Stock, transaction date 2026-03-30, indirect via limited partnership

Indirect holdings after trades 83,319 shares Common Stock held indirectly via limited partnership following 2026-03-30 trade

Direct holdings snapshot 39,453 shares Common Stock held directly as of 2026-03-27 holding entry

Total shares bought 11,200 shares Net buy across two open-market purchases, Form 4 transaction summary

Key Terms

open-market purchase, beneficial interest, limited partnership, indirect ownership

4 terms

open-market purchase financial

"transaction_action: "open-market purchase" for common stock acquisitions"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

beneficial interest financial

"Mr. Dakos has a beneficial interest and disclaims beneficial interest except for pecuniary interest"

Beneficial interest is the right to receive the economic benefits of an asset—such as dividends, interest, or sale proceeds—without necessarily holding legal title to it. For investors this matters because it determines who actually gains from an investment or trust, much like renting an apartment where the tenant enjoys living there and paying bills while the landlord holds the deed; understanding who has the beneficial interest affects income rights, voting influence, and risk exposure.

limited partnership financial

"Shares are held by a limited partnership in which Mr. Dakos has a beneficial interest"

A limited partnership is a legal business structure with two types of partners: at least one general partner who runs the business and bears full legal responsibility, and one or more limited partners who contribute money, share profits, and have liability capped at their investment. For investors, it matters because it separates control from financial exposure — like putting money into a store without managing it — and affects how returns, risks, taxes and transferability of ownership are handled.

indirect ownership financial

"ownership_type: "indirect" with nature_of_ownership listed as Limited Partnership"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did SWZ’s Andrew Dakos recently report?

Andrew Dakos is linked to two open-market purchases of Total Return Securities Fund common stock through a limited partnership, totaling 11,200 shares. The trades occurred at prices around $5.92 per share and increase his reported indirect exposure to the fund.

How many SWZ shares were bought in the latest insider purchases?

Associated entities bought a total of 11,200 SWZ shares in open-market transactions. One trade covered 5,900 shares at $5.92, and another 5,300 shares at $5.908, adding to existing indirect holdings reported for Andrew Dakos.

At what prices were the recent SWZ insider share purchases made?

The reported insider purchases of Total Return Securities Fund common stock were made at prices of $5.92 and $5.908 per share. These are described as weighted average prices for open-market transactions conducted through a limited partnership associated with Andrew Dakos.

What are Andrew Dakos’ reported SWZ share holdings after these trades?

After the recent transactions, the limited partnership associated with Andrew Dakos holds 83,319 shares of SWZ indirectly. A separate holding line shows 39,453 shares held directly in his name, giving investors a clearer picture of his total reported exposure.

Are the recent SWZ insider purchases made directly by Andrew Dakos?

The recent SWZ share purchases are reported as indirect holdings through a limited partnership in which Andrew Dakos has a beneficial interest. He disclaims beneficial ownership of those shares except to the extent of any pecuniary interest, according to the filing’s footnote.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dakos Andrew

(Last) (First) (Middle)

250 PEHLE AVE.

SUITE 708

(Street)

SADDLE BROOK NEW JERSEY 07663

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Total Return Securities Fund [ SWZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	President and CEO		Affiliate of Adviser

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/27/2026		P		5,900	A	$5.92(2)	78,019	I	Limited Partnership(1)
Common Stock	03/30/2026		P		5,300	A	$5.908(2)	83,319	I	Limited Partnership(1)
Common Stock								39,453	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares are held by a limited partnership in which Mr. Dakos has a beneficial interest. Mr. Dakos disclaims beneficial interest in such shares except to the extent of any pecuniary interest therein.

2. Represents the weighted average price.

	/s/ Stephanie Darling, Power of Attorney for Andrew Dakos	03/31/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)